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House Hunting Quickie

November 6th, 2008 at 08:00 pm

We're now thinking that we will hold off a bit longer on buying a house ... probably at least 10 months. We're going to go ahead with our trip to San Diego next month to look at neighborhoods and the market in general, but have decided that unless we find something that we like and we think is priced significantly below market, we will not buy right now. We could be wrong, but we think if we hold off a bit prices will come down even more. We considered cancelling the trip, but decided to go ahead since it is not going to be too expensive and it will help us to narrow our search down to a few neighborhoods (right now we are a bit all over the map).

5 Responses to “House Hunting Quickie”

  1. Bill Says:

    Welcome to San Diego (almost)! Let us know which neighborhood you end up settling in.

  2. koppur Says:

    I read the other day (on MSN Money) that housing prices are expected to continue to drop through 2010. Sounds like a smart plan to me.

  3. monkeymama Says:

    Good luck. I'd plan it around the next ARM reset.

    That's the think about Cali - a lot of areas holding pretty strong, BUT I can't imagine people holding it together for the long run. Too many people have $600k loans on ARMs, on $100k incomes.

    Layoffs would also topple the housing market. Since even the ARMs are only afforded by 2 incomes.

    It's hard to balance that against the swoop of new buyers in popular places like San Diego. But about every single person I know in the Bay Area (our age) is on the brink of foreclosure with the next ARM reset or job loss. Even though the market has held pretty steady to this point.

    I'd be willing to wait it out a bit. But it will also be important to be willing to act quick. There are a LOT of people ready to swoop up real estate in these desirable places.

  4. lartiga Says:

    monkeymama makes very good points, especially about being able to close a deal quickly if the opportunity of a lifetime presents itself. Maybe you could rent on a month-to-month basis to give you more flexibility. San Diego is such a beautiful area and the climate is awesome... we used to visit frequently when my DSS was in the Navy.

  5. Aleta Says:

    Just keep holding on Scfr. You will know when the time is right.

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